Real Estate Market trends and news
St Johns County Market Report, August 2022
If you’re thinking about selling to capitalize on your hard-earned equity and begin a more simple chapter in life, you understand there’s a lot at stake. This isn’t a decision you take lightly—and rightfully so. Like many of us, your home may be one of the largest investments you’ll ever make. You know selling a home can be a stressful and emotional experience. And you want expert guidance by your side every step of the way.
You’ve worked hard to build equity in your home, and you want to fully understand the value of your investment in this real estate market. Here are the top three things you need to know about our current real estate market in and around the coastal areas of St. Augustine:
Inventory has increased significantly, and we are seeing a decrease in buyer activity.
The busy summer months brought us a large influx of available homes on the market – up 42.6% from last month and an impressive 89% from July of last year. This brought us to a 2.6-month supply of inventory, which is more than we’ve seen since May of 2020. This increase in inventory has not shown a decrease in home values, though. Even with a significant increase in available homes, the median sale price increased a slight 1.8% from last month, to $565,000 for July. This is a 19.3% increase over July of last year. It is still a great time to sell, but to maximize the opportunity in this changing market and ensure you see every bit of that hard-earned equity, it is more important than ever to work with a real estate expert who understands how to strategically price your home from the beginning.
Median days on market are still increasing, but homes priced correctly continue to sell quickly.
Correctly priced, strategically marketed homes in our area are selling at or above list price, in few days on market. In the month of July, 21.9% of single-family homes sold for over list price, and overall, homes sold received an average of 99.9% of list price. While the median sale price in St Johns County may be starting to level out, median days on market have increased to 27 days for July – still considered a fairly quick sale. These numbers really add up when selling one of your largest financial assets. With the guidance of a real estate professional who understands strategic marketing and positioning, you can generally expect to sell quickly.
Buyer activity has decreased, but we still have buyers searching for the right home at the right price.
Many buyers dropped out of the market as interest rates climbed and low inventory brought the frustration of bidding wars. However, those buyers are likely to return to the market now that interest rates appear to be leveling off and there is a larger inventory to choose from. Buyers can be a little more selective in today’s market, but they still understand the importance of a strong offer. When it’s time to sell your home, you want an expert guide who understands the market we’re in. With my strategic listing preparation and marketing plan, my clients get the highest possible price in the fewest days on market – even in a shifting market. You deserve that too.
So, as a St. Augustine area homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
You’ve worked hard to build the equity in your home, and you’re right to want the best experience when you’re ready to sell. With my strategic approach to your home sale—from ROI-based property updates, to targeted marketing, to powerful negotiations, and beyond—you will have full peace of mind knowing you have everything you need to maximize your home sale.
If you are thinking about selling your home in the next 12 months, call me today for your strategic marketing consultation → (904) 615-7244
We’ll chat about your goals, what you can expect, and my unique approach to getting you the highest possible price in the fewest days on market.
All the best!
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